AAA: Lower Gas Prices Saved Drivers $115 Billion at the Pump in 2015

In such an eventful year as 2015, gas prices have thankfully remained out of the national spotlight. You’ve likely noticed gas was cheaper this past year, but a new study points out just how dramatically prices have changed.

According to AAA, the price of gas averaged $2.40 a gallon in 2015, down from $3.34 in 2014. In total, U.S. consumers saved more than $115 billion on gas compared to 2014. That averages out to $550 per driver.

The picture is even rosier when comparing recent prices to the average $3.49 per gallon we saw in 2013 and $3.60 per gallon in 2012. In fact, 2015 recorded the second cheapest annual average gas prices of the past 10 years. The only time we saw lower prices was in 2009 during the economic recession.

South Carolina benefited from the lowest gas prices in the nation this past year at $2.10 per gallon, down $1 from 2014. The next lowest gas prices were also found in the Southeastern U.S., specifically in Mississippi ($2.14), Alabama ($2.15), Tennessee ($2.16) and Louisiana ($2.18). For the first time on record, California suffered from the most expensive gas prices of any U.S. state, with a $3.16 per gallon average. Not far behind was Hawaii ($3.10), which has traditionally been the most expensive state for gas. Alaska ($2.97), Nevada ($2.86), Washington ($2.73), and Oregon ($2.68) rounded out the list of states with the highest gas prices in 2015.

On December 31, gas prices have dropped even further to a national average of $2 per gallon. Expect more good news for the coming year, as prices could drop another 10 cents a gallon over the next few weeks.

Source: AAA

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